Currency devaluation not a phenomenon peculiar to SL - Hakeem

The currency depreciation in the face of the US Dollar is not a phenomenon particular to Sri Lanka, but common in many countries in South and East Asia. Therefore, it is very unfair to interpret this tendency as a fault of the Government, SLMC Leader and City Planning and Water Supply Minister Rauff Hakeem said.

He said the currency depreciation rate is much higher in countries such as, India and Indonesia than in Sri Lanka. Minister Hakeem said so after participating in a ceremony held at the Badi-ud-Din Mahamud Vidyalaya in Kandy on September 22.

Minister Hakeem said the only way we could arrest this tendency is by increasing foreign investments and boosting exports. He said increased purchase of imported goods may also jack up prices.

“As such, there was no cause for anxiety thinking that the rupee depreciation was a problem endemic to our country only,” Minister Hakeem said.

He said the economic polices of U.S. President Donald Trump had caused this situation. “America’s economic war with China and the European Union had caused the currency depreciation in several countries,” Minister Hakeem said.

He said the present IGP is an efficient and talented officer but the manner in which he expressed his ideas had caused some problems.

“A government should bring in a new Constitution within its first year in office. Prolonging it had caused objections. In this situation no one could expect the 20th Amendment to succeed,” he said.

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